Cars24 has announced a series of leadership and organisational changes as it sharpens its path to profitability and consolidates operations across key markets. Co-founder and COO Mehul Agrawal has stepped back from day-to-day responsibilities after over 11 years and will join the board. A day earlier, co-founder and CMO Gajendra Jangid transitioned into a mentorship role.
The reshuffle follows other senior exits. India business head Himanshu Ratnoo resigned earlier this year, after which CEO Vikram Chopra assumed direct charge of domestic operations. Director of Engineering Ankit Bhalla has also departed. In parallel, the company has laid off an estimated 200–250 employees, primarily across product and technology, describing the move as an “intentional reset” aimed at correcting past bets, improving unit economics, and streamlining the organisation.
Financial performance and operating shift
At a global level, Cars24 recently posted its first profitable quarter, signalling progress on its turnaround plan. For the first half of FY26, adjusted net revenue rose 18% to ₹651 crore, while adjusted losses narrowed 36% to ₹162 crore.
As part of a shift towards higher-margin retail transactions, overall GMV declined 5% to ₹3,731 crore, but retail GMV grew 21% to ₹2,009 crore. The company expects improved momentum in the second half of FY26, with revenue projected to exceed ₹750 crore. However, the India business remains under strain: in FY25, revenue fell 10% to ₹6,233 crore and losses widened to ₹543 crore. Cars24 was last valued at $3.3 billion in 2021.
Market focus, consolidation, and IPO roadmap
Cars24 is concentrating on India, the UAE, and Australia, and has exited markets such as Thailand, Indonesia, and Saudi Arabia to prioritise capital efficiency. It is also closing its Bengaluru office and consolidating operations in Gurugram to reduce costs and improve coordination.
The company has broadened its offerings beyond used-car buying and selling to include lifetime warranty, vehicle loans, driver services, and servicing. Strategic acquisitions—such as CarInfo and Team-BHP—are intended to deepen consumer engagement and strengthen its automotive ecosystem.
Cars24 plans to file for an India listing within the next 6–12 months. As part of its IPO preparation, it will transition its holding structure from Singapore to India via a reverse flip, aligning corporate domicile with its principal market and regulatory requirements.
